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Taxes are necessary to sustain our way of government, and lifestyle. In advance, this is not a history lesson, however, the Canadian Government began collecting taxes to support the war effort during World War One. Before that time no taxes were collected. Moreover, the taxes that were collected were for customs, import and export only.

Understandably, as a natural occurrence within our multiple party government, a difference in opinion on the type and function of the revenue collected through the guise of tax came to light with some insisting on an income tax, in addition to the tariffs on exports and imports.

Therefore, income tax became part of life, under the excuse of paying off the war debt in 1917. Today, we still pay this tax, however, the revenue goes towards social programs that help support our lifestyle as well as supporting government operations across the board. For instance, as an individual you earn money to pay for the way you live, buy a house, a car, and to support raising a family, at the same time paying taxes to your city, province and federal government.

If we picture the government as an individual, it earns money through taxes. This money goes towards paying for the infrastructure of the country, social programs, and their own salaries. This translates that without taxes, the government would not have the ability to support our society. Looking at this closely we can identify over 130 agencies within the government. All of these work to support every aspect of what Canada has to offer its citizens.

Therefore, when calculating the amount of tax for a given year, each entity,(businesses, and individuals), should reap the benefits afforded through this action. These benefits manifest in the form of discounted liabilities, (lower taxes), through applying credits and allowances for various situations, and the ability to participate in certain social programs, such as education, medical coverage, and so on.

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If you require personal or business accounting or bookkeeping services, make sure to call the professional Mississauga accountants at Envolta. Building relationships with our clients is our number one priority -You are not just a number. If you are not 100% satisfied with your service, we will give your money back.

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